Two bills that already extend this live Virginia The sports betting market is just steps away from the governor’s desk.
HB 1847 from Del. Mark Sickles and SB 1254 from It is. Jeremy McPike were identical bills at the beginning of the meeting. The bills clarified some details from last year’s Sports Betting Enablement Act, including which VA sports betting licenses counted towards a cellular license limit and wagered on amateur sports.
However, the House tossed the process for a little loop when it called for the language to encourage minority participation in the process. The Senate initially rejected the language, but eventually accepted the house version after input from the Virginia Lottery.
The House accepted the conference report for both bills Friday follow suit with the Senate Saturday. The proposals are awaiting signatures from the House Speaker and Senate President before hitting Governor Ralph NorthamWriting desk.
Incoming changes to sports betting in Virginia
There are some significant changes resulting from the legislation.
First, mobile sports betting licenses for casinos do not count towards the cap of 12 Cellphone-only licenses. These licenses are only intended for competitive offers, with only two granted so far.
That was the intent of last year’s legislation, but the text did not reflect it. The two sponsors were also for Olympic Betting allowed even though the Virginia Lottery did not initially allow it.
The bills also give the lottery the power to authorize new markets so future legislation is not required.
Minority stake is now taken into account in licensing
For the up to 10 In the case of the remaining cell phone-only licenses, the minority stake will now be “considered in terms of content and preferential treatment”:
In granting permits to operate sports betting platforms prior to July 1, 2025, the Director will give significant and preferential consideration to any applicant who provides in their application (i) a description of any minority interest or minority owned company. (ii) a detailed plan for obtaining increased minority interest; (iii) a description of any efforts made to obtain minority or minority ownership interests; or (iv) a plan in which the efforts to obtain of minority involvement or minority ownership companies in the purchase of goods and services related to the sports betting platform by the applicant or in support of a historically disadvantaged community or historically black colleges and universities in the Commonwealth.
The two sides went to the conference via language as there were concerns that the new wording could affect the licenses already issued. Since the lottery assured the conference that it did not, the Senate accepted the language.
Sports betting launches in Virginia have stalled
Sports betting in Virginia started on January 21st when FanDuel Sports Betting went live to the state.
DraftKings Sports Betting joined the market that Sunday. These two sports bets were part of a busy opening weekend for Virginia and online sports bets Michigan. Data from Geocomply shown 7.5 million Geolocation transactions from more than 400,000 Accounts in the two states this weekend.
BetMGM, BetRivers and William Hill were all approved by January 27thBut there has been no action since then, probably because these bills found their way through the legislature.